IIT Bombay SINE Unveils INR 250 Cr Deeptech VC Fund to Back Early Stage Startups The Y Point VC Fund aims to back 25 to 30 startups with individual investments going up to INR 15 crore.
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IIT Bombay's Society for Innovation and Entrepreneurship (SINE) has launched India's first incubator linked deep tech venture capital fund.
The fund was announced on Tuesday, December 9. Named the Y Point Venture Capital Fund, it has a corpus of about INR 250 crore and is designed to support early stage deep tech startups emerging from IIT Bombay and other major academic and research institutions.
The fund will invest in young companies at the pre seed and seed stages. These ventures are expected to work on products and solutions grounded in fundamental research. Focus areas include artificial intelligence and advanced computing, advanced manufacturing, next generation materials, life sciences and healthcare, climate and clean technology, space and defence.
The Y Point VC Fund website notes that the initiative is backed by SINE, the technology incubator of IIT Bombay. The website states that "Y Point VC Fund lies at the intersection of translational research and real world impact" and adds that it actively leverages the innovation ecosystem of IIT Bombay and other premier institutes to help build the next wave of global deep tech companies.
SINE has supported several recognised startups over the years. Its ecosystem includes companies such as atomberg, ideaForge, gupshup, Bellatrix Aerospace and Whiterabbit.ai.
The Y Point VC Fund plans to invest in 25 to 30 startups. The maximum ticket size will be about INR 15 crore. Although the focus will remain on startups emerging from IIT Bombay, ventures from other top institutions will also be considered.
K Radhakrishnan, Chairperson of IIT Bombay's Board of Governors, said the fund would act as a catalyst by using world class talent and research to help startups compete globally. Shireesh Kedare, Director at IIT Bombay, said the fund would be the first institute linked investment manager to support such ventures.
The Y-Point VC Fund has received Securities and Exchange Board of India (SEBI) approval and is registered as a Category II Alternative Investment Fund (AIF).
